The Asia Pacific bakery products market is projected to grow at a CAGR of 3.5% during the forecast period (2020 - 2025).
- The market is primarily driven by the convenience, accessibility and nutrition profile associated with them. Moreover, as a result of urbanization and worldwide increase of the working population, the growth of out-of-home consumption and increased demand on instant and nutritious products, has been fueling the continuous increase of bakery products.
- The significance of bakery products as a major portion of diet has been prevalent in middle to lower-income group countries. Bread has been a staple diet of many local cuisines across the region and has shown significant growth even during the period of economic crisis. Thus it can be said that bread has occupied the status of the most important food products today in terms of its production and nutrition.
- Furthermore, the rising trend of “Natural nutrition”, “healthy living” and “organic products” has significantly raised the consumers’ demand on whole wheat, light, natural and additive-free products. In recent years, the growth in sales of packaged, whole wheat, whole meal, gluten-free and natural products is an important indication of this new and healthy living sense.
Key Market Trends
Increasing Demand For Convenience Foods
The consumer demand for convenience foods is evolving, by dynamic demands from consumers. The rising popularity of ‘snacking-on-the-go’ and ‘pick-me-up’ products also makes the Asia Pacific a potential market for baked snacks. A growing number of Western restaurants offering baked goods in cities are also emerging rapidly, giving an overall boost to the demand for bakery products. Another major factor driving the segment is the widened distribution channels and the tendency of consumers to buy off-the-shelf especially in emerging markets of the Asia Pacific region. The rapid expansion of artisanal bakeries in the last few years made Chinese consumers generally prefer fresh baked goods, such as cakes and bread. Unpackaged/artisanal baked goods are mostly sold through bakeries.
China Continue to Dominate the Regional Market
China's bakery products market is recorded to become the second-largest baked goods market, with pastries being the most popular segment. The robust economic growth that China witnessed in the last decade led to rising affluence, urbanization and the growing influence of Western culture, all of which, collectively contributed to the overall demand for baked goods. Chinese consumers are known to prefer cakes, pastries and sweet pies, their attraction for bread and bread rolls, are comparatively lower than western consumers. The rapid expansion of artisanal bakeries in the last few years made Chinese consumers opt for fresh baked goods, such as cakes and bread. Unpackaged/artisanal baked goods are mostly sold through bakeries.
The Asia Pacific market for bakery products is fragmented, owing to the presence of large regional and domestic players in different countries. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. The key players dominating the market include Britannia Industries, Goodman Fielder, Bakers Delight Holdings, Mondelēz International, Parle Products Pvt. Ltd., and ITC Limited, among others.
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